Gold bars to be exempt from tariffs, White House clarifies
Investing.com-- India is negotiating a three-stage trade agreement with the U.S. and aims to finalize an interim deal before July, when President Donald Trump’s proposed reciprocal tariffs are set to take effect, Bloomberg reported on Monday, citing officials familiar with the matter.
The initial phase is expected to cover market access for industrial and select agricultural goods, along with easing non-tariff barriers such as quality control requirements, Bloomberg stated.
The second stage could follow from September to November and may include broader terms across 19 identified sectors, according to the report.
A final, comprehensive pact would require U.S. congressional approval and may be concluded next year, the Bloomberg report stated.
The talks are still ongoing, and there’s no clarity yet on U.S. support for the three-stage deal, Bloomberg said.
Indian Commerce Minister Piyush Goyal is in Washington this week to meet U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to advance discussions.
India has threatened retaliatory tariffs in recent days, signaling a harder stance, while Trump has publicly downplayed urgency and claimed India offered to cut tariffs to zero.